For tax year 2022, the Child Tax Credit returns to pre-2021 amounts.
Child Tax Credit decreased
The credit returns to $2,000. Of the $2,000, $1,500 is refundable. This means if you have no tax liability, the most you could receive is $1,500, if you meet the all the requirements below.
Age limit is reduced
The age limit returns to UNDER age 17. If your child turns 17 on any date in 2022, the child does not qualify for the credit.
Are there income limits?
Yes, there are income limits for the credit.
- Single and Head of Household filers - $200,000
- Married filing joint filers - $400,000
The credit is reduced by $50 for every $1,000 over the thresholds above.
Earned Income is required to claim the credit
You must have earned income of at least $2,500 to take advantage of the credit's limited refundability.
No Advance Payments
Unlike the 2021 tax year, the 2022 child tax credit will not be available as advanced monthly payments.